How Oddity automated treasury and invests > 95% of idle cash with Panax

> 40 accounts

connected to Panax

Over 95%

of cash invested

8-15 hours

saved per week

Background

A global leader and a rapidly growing star in consumer tech, Oddity (NASDAQ: ODD) is revolutionizing the wellness and beauty industry by offering an AI-driven, digital-first platform to their customers. 

The consumer tech industry is transaction-heavy and therefore comes with substantial volumes of inflows and outflows. Coupling this with globalization and the fact the world is gravitating more and more towards borderless eCommerce – presents a unique set of challenges, particularly in the hectic realm of eCommerce.

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The challenges

Positioning themselves as one of the fastest-growing eCommerce beauty platforms, Oddity experienced a hyper-growth phase. This meant that in a relatively short period of time, the company has opened dozens of new bank accounts, payment gateways, and wallets, which translated into more cash moving around and new currencies to keep up with.

Despite exceeding the company’s already ambitious financial targets, this exponential growth phase also brought about an overwhelming amount of manual, labor-intensive work that left little time for more strategic tasks.

What made things more complicated, was the growing challenge to maintain visibility into their cash flow management. Oddity’s finance team needed to invest more and more man-hours to manage their cash effectively across accounts, which in turn, made it challenging for Oddity to optimize liquidity in real time.

The solution

After implementing Panax’s treasury platform, Oddity has completely transformed the effectiveness of their liquidity investment processes. Gaining much-needed visibility, the team managed to track all of their cash pockets in real-time. 

Once the cash visibility element was checked off – Oddity could focus on cash optimization. They leveraged smart alerts and proactive notifications to identify future cash needs, and then optimized their cash flow and liquidity reserves accordingly.

The results

Being able to allocate idle cash pockets by connecting their entire account base to Panax has allowed Oddity to:

  • Maintain over 95% of their cash in interest-bearing investment accounts – A massive financial win for everyone, especially considering the current interest rate.
  • Maintain full, real-time control over their financial assets – The Oddity team could spare the long hours invested in manual data collection and analysis and focus their time on more strategic, value-add tasks.

Panax's 360 connectivity and proactive insights have enhanced Oddity’s ability to keep a constant finger on the pulse of their rapidly expanding brands.

Oddity’s new cash management process is now well positioned to support their bold growth plans and rising complexity, becoming a source of value that rather than hindering growth, now actually contributes to the bottom line of the entire business.

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“Before implementing Panax we had lower visibility into our cash reserves. Panax enables us to keep the pulse on where our cash is and what it's doing for us. The proactive alerts help our team to be on top of any idle cash or cash needs and optimize yield.”
M. Moore, VP Finance
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